Home sales dipped while median sale prices continued to climb in the region during the third quarter of 2022, according to a recently released report from the Chesapeake Bay & Rivers Association of Realtors.
According to the CBRAR Home Sales Report, there were 412 home sales in the group’s region (which encompasses Gloucester, Mathews, Middlesex, King William and King and Queen counties) during the third quarter of 2022. This represents 69 fewer sales than the third quarter of 2021, a 14 percent drop. The market has been slowing down in the area for five straight quarters.
At the same time, home prices continue to climb. The third quarter median sales price in the Chesapeake Bay & Rivers market was $319,975, rising 12 percent from a year ago, which is a surge of about $35,000.
Inventory in the region is also tightening. There were 269 active listings on the market across the region at the end of the third quarter, 20 percent fewer listings than a year ago.
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